Eircom dismisses float talk as earnings rise

Eircom, the Irish telecoms firm, ruled out a stock market flotation for the foreseeable future after recording its first revenue growth since 2008.

The company also said that there were no talks regarding a possible sale.

“There are certainly no plans [for an initial public offering] at the moment,” Richard Moat, the chief executive, said. “We want to see further good quarters of growth in earnings and revenues and then the possibility could come back again.”

According to the telco’s quarterly results released yesterday, Anchorage Capital Group, the New York hedge fund, has increased its stake in Eircom to 37.9 per cent. In May, it bought a 25 per cent stake in Eircom, which was previously owned by Blackstone, the American private equity firm.